What is Spectra Finance?
Spectra (formerly APWine) is a decentralized, EVM-centric protocol that enables interest-rate derivatives through yield tokenization. Users deposit interest-bearing tokens (e.g., aUSDC, aETH) into ERC‑4626 vaults and receive two split tokens: a Principal Token (PT) that retains the original deposit value, and a Yield Token (YT) that represents future interest earnings.
This structure lets users create or participate in fixed-rate pools, allowing depositors to secure guaranteed interest returns while traders can speculate on changing yield dynamics. Spectra’s permissionless design lets anyone launch new markets, provide liquidity, or build yield-focused dApps using its versatile protocol primitives.
Liquidity providers can also earn trading fees and SPECTRA token rewards by contributing to pools across chains like Ethereum, Arbitrum, Optimism, and Base. Governance is managed by the SPECTRA token, enabling community-driven decisions through a DAO and vote-escrow mechanism (veSPECTRA).
By enabling yield tokenization, fixed-rate instruments, cross-chain deployment, and permissionless market creation, Spectra redefines how DeFi users manage interest rate risk, earn fixed returns, and build next-gen financial products.
